A Florida man was arrested after receiving more than $1.9 million in coronavirus relief funds after using a fake business to apply for a PPP loan.
On Friday prosecutors said that the man used the money to purchase a luxury car and a pickup truck.
48-year-old Keith William Nicoletta was arrested last week and charged with bank fraud and illegal monetary transactions.
Nicoletta falsely claimed that he had a scrap metal business with 69 employees and a monthly payroll of more than $760,000.
In May Nicoletta received his loan, which was part of the coronavirus relief package. Prosecutors said he reported no employee wages to the state of Florida in 2019 or 2020.
“None of the money was used for payroll,” prosecutors said.
After securing the loan, Nicoletta transferred the money between several bank accounts and withdrew $100,000 in cash, prosecutors said. Nicoletta also purchased a 2020 Mercedes for $105,000 and a Ford truck for $66,000. He also wired over $500,000 to a property management company, according to prosecutors.
Nicoletta faces up to 40 years in federal prison.
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